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Bartender, Waitress Hiring Plunges In Otherwise Constructive US Labor Market Appetizer
Job openings fell in the US last month, but not by as much as economists collectively forecast.
That's according to Tuesday's JOLTS release, the first of several labor market appetizers served ahead of Friday's main macro course, the July jobs report.
There were 8.184 million open positions across the world's largest economy on the last business day of June, the BLS said. That was 46,000 fewer versus an upwardly-revised 8.230 million on the last day of May. Consensus expected 8 million (on the
Low turnover is bad for laid off and new entrants. The numbers present a mixed bag though, the trend is still towards slower growth.
Sorry, standing by my belief, based solely on circumstantial evidence but on a staggering abundance of it, that the unemployment numbers are fiction. Some sort of revision is going to come out and avid HR comments section readers are going to say, “hey, that out-of-work software engineer who kept bitching in the comment sections about an employment recession that nobody else knew about… he was actually right!” I’m completely open to admitting when I don’t know much about some thing, but I’m sure of that.
I believe it’s that the Sec 174 tax changes hit much harder than anybody wants to admit yet… least of all the Democrats, who could use it as an incredibly effective argument against Trump, except it would mean admitting that they’ve been lying for three years.
https://www.reddit.com/r/business/comments/1ci4g1k/welcome_to_the_whitecollar_recession/
https://www.cnbc.com/2023/04/18/software-firms-face-huge-tax-bills-that-threaten-tech-startup-survival.html
“ Across the software development field, founders are experiencing an income tax season that has become an existential threat to their company’s survival. Software startups say they were blindsided by shocking tax bills as a result of a change in law related to research and development costs, and if Congress does not provide a retroactive fix, business failures will spread throughout the industry.”
And indeed, Congress did not provide that fix, and indeed, the failure spread, from the IT department to the HR department to the marketing department, and further outwards, to where professionals have been out of work for up to two years, lost their homes, and in some cases now, I’m sad to start seeing recently, their lives. I cannot believe that those will not knock additional dominoes down. And still, nobody other than an isolated business article here and there will talk about it.
Remember in a year or two that I said this. And if I turn out by that time to be wrong, I’ll admit it. I doubt I am.